Dawood Hercules Corporation (DAWH) Limited will invest up to Rs. 5.35 billion in the shares of associated companies.
According to the notification issued to Pakistan Stock Exchange (PSX), the Board of Directors (BoD) of the company passed a resolution in their extraordinary general meeting on Monday for investment in shares of the associated companies up to an aggregate amount of Rs. 5.35 billion at the applicable quoted price of such shares on the date of the transaction on the main bourse.
The notification said the company will invest. 2 billion in Engro Fertilizers Limited, Rs. 2 billion in Engro Polymer and Chemicals Limited, Rs. 1 billion in FrieslandCampina Engro Pakistan Limited, and Rs. 350 million in Engro Powergen Qadirpur Limited.
In this regard, it read: “This resolution will be valid for a period of five years starting from the date of approval by members, and any two of the Chief Executive Officer, Chief Financial Officer, and the Company Secretary of the company be and are hereby jointly empowered/authorized to do all acts, matters, deeds, and things, take any or all necessary actions and to complete all legal formalities as may be necessary or incidental expedient for the purpose of implementing the aforesaid resolution”.
The BoD also approved the sale of its wholly owned subsidiary Empiric Al (Private) Limited to Avanceon Limited, under a share swap arrangement in exchange for 7,767,400 shares (5.68 percent) of Octopus Digital Limited, a subsidiary of Avanceon Limited.
DAWH is chaired by high-profile businessman Hussain Dawood and acts as a conduit for equity investments in a number of subsidiaries and related companies, including Engro Corporation Ltd.
Empiric AI Private Limited is a wholly-owned subsidiary of DAWH which provides competitive services in Cyber Security, Data Science, Software Engineering, and the full stack of Cloud Computing. While the future of the company is subject to the aforesaid transaction being completed, its primary focus is on solving complex industrial problems through software products built on Artificial Intelligence, Machine Learning, and Advanced Analytics technologies.